Pursuant to Section 17(j) of the Commodity Exchange Act, as amended, National Futures Association ("NFA") hereby submits to the Commodity Futures Trading Commission ("CFTC" or "Commission") proposed amendments to NFA Bylaw 1301(b). The amendments were unanimously approved by NFA's Board of Directors ("Board") on November 21, 2002.

NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act and shall make the amendments to Bylaw 1301(b) effective on January 1, 2003, unless within ten days after receipt of this submission by the Commission the Commission notifies NFA that the Commission has determined to review the amendments for approval.

As mentioned earlier, NFA is invoking the "ten-day" provision of Section 17(j) of the Commodity Exchange Act and shall make the amend-ments to Bylaw 1301(b) effective on January 1, 2003, unless within ten days after receipt of this submission by the Commission the Commission notifies NFA that the Commission has determined to review the amendments for approval.